BWE, a leading national mortgage banking firm specializing in commercial and multifamily properties, has successfully arranged $19.75 million in acquisition financing for a 326-unit low-rise apartment portfolio located in Clinton Township, Michigan within the Detroit metropolitan area.
Senior Vice President Adam Gould of BWE’s Detroit office expertly originated the three-year bridge loan with favorable terms including interest-only payments and a 75% loan-to-cost ratio on behalf of the buyer – a regional fund focused on workforce housing investments.
The portfolio comprises of 13 low-rise buildings featuring one- and two-bedroom units along with desirable amenities such as a pool, clubhouse, tennis court, on-site laundry facilities and ample parking space.
Gould commented that amidst challenging economic conditions it was crucial to act swiftly to secure this deal. Leveraging their extensive knowledge of Southeast Michigan’s market coupled with BWE’s diverse lending products enabled them to provide an ideal capital solution aligned with their client’s long-term business objectives.
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